§ 41-3115 — SITE FOR HEAD OFFICE

(1) The board of directors of an insurer may purchase, hold and convey in the name of and for the insurer, real estate for a site for its principal or head office when authorized so to do by the affirmative vote of a majority of the members present in person or by proxy in adoption of a resolution for that purpose at any annual meeting of the insurer’s members or any special meeting of the members called for the purpose. The resolution shall name the city or town or village within the insurer’s territory in which the site shall be purchased. When the site is so purchased the insurer may transact any or all of its business, including the annual or any special meeting of its members, in such city, town or village.
(2) The resolution for purchase of the site shall also limit the amount of the insurer’s funds that can be invested therein, and in the improvements thereon or to be constructed thereon. Any such resolution hereafter adopted shall be subject to the director’s approval. The director shall approve the resolution unless he finds, after a hearing thereon, that the procedure leading to adoption of the resolution was unlawful or that the amounts to be so expended are excessive.
(3) The insurer shall dispose of such head office property within five (5) years after it ceases to be used or to be necessary for head office purposes, subject to the right of the director to grant a reasonable extension of time upon proof satisfactory to him that the insurer will suffer materially by an earlier forced sale of the property.

Legislative History

[41-3115, added 1961, ch. 330, sec. 673, p. 645.]